China supported India: Wheat prices increased due to the ban on exports, a sharp jump in wheat prices in the international market

Posted on 17th May 2022 by rohit kumar

After India's ban on wheat exports, the G7 countries started criticizing India amid a jump in wheat prices across the world on Monday. This decision of India has deepened the crisis in America, Canada, Europe, and Australia. Wheat became costlier by 6 percent in Chicago on Monday. Western countries have criticized this decision of India and blamed it for this inflation. Although China took India's side on this decision, saying that the global food crisis cannot be solved by blaming developing countries.

 

 

Wheat production has decreased in India due to scorching heat and heatwave. In such a situation, seeing the rising price of wheat in the domestic market, the central government had decided to ban the export of wheat. However, a few days ago, the government had set a target of 10 million tonnes of wheat exports, which was enough to make up for the short supply due to the Ukraine crisis. But because of the inflation in the domestic market, the government decided to change the export policy. Rising wheat prices are creating a crisis for European countries already suffering due to the Ukraine war.

 

 

China bluntly, stop blaming developing countries

The Chinese government's newspaper Global Times said, blaming developing countries like India will not solve the food crisis. Developed countries (G7 members) stop doing this. Just as the agriculture ministers of the G7 countries are appealing to India to lift the ban on wheat exports, why don't they stabilize the supply of the food market by increasing their exports?

 

The Global Times wrote in its editorial that although India is the second-largest producer of wheat in the world, it accounts for only a small portion of global wheat exports. In contrast, some developed economies, including the US, Canada, the European Union, and Australia, are among the major exporters of wheat. If some Western countries reduce wheat exports because of a possible global food crisis, they will not be in a position to criticize India. China said India is under pressure to supply wheat to its people at this time. So his decision is not wrong.

 

18 lakh tonnes of wheat stuck at Indian ports

 

After India's ban, about 18 lakh tonnes of wheat are stuck at Indian ports. In such a situation, selling this wheat in the comparatively weak domestic market will hurt the sellers. Officials said, existing export sales would be allowed through letters of credit and government deals to meet food security requirements.

 

Also Read: Wheat Price Hike: If India stopped exporting, then the price of wheat broke all the records, know what is the price?

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